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EMI license in Czech Republic

EMI license in Czech Republic

EMI license in Czech Republic

There are 2 types of electronic money institution licenses in the Czech Republic: EMI – electronic money institution (electronic money institution) and SEMI – small electronic money issuer (small electronic money institution).

The specialists of Eternity Law International have extensive experience in preparing the necessary documents and knowledge for the proper paperwork for obtaining EMI and SEMI licenses in the Czech Republic. We are also on good terms with the Czech National Bank – an institution that grants licenses and supervises EMI in the Czech Republic.

Further you can get acquainted with the basic information about licenses EMI and SEMI, terms of registration, fees and charges.

SEMI – Small electronic money issuer

Small electronic money issuer (small electronic money institution) license: the term of registration is about 1-2 months.

OUR FEES: OBTAINING A TURNKEY LICENSE – 30 000 EUR, INCLUDING ALL INTERNAL PAYMENTS AND CHARGES IN THE NATIONAL BANK OF CZECH REPUBLIC.

The service covers the full package of services, which includes:

Preparing a business plan;
Financial calculations for the license;
Coordination of documents with the National Bank of the Czech Republic;
Preparation of internal documentation;
Integration of AML and KYC procedures for obtaining a license.

SEMI – TO NATIONAL BANK OF CZECH REPUBLIC, EXCEPT CERTIFIED CURREN CENTURIES, EXCEEDING CERTIFIED CURRENCY CO.

Application for registration of the company in the SEMI registry;
Business license (extract from the commercial register);
Certificate of integrity issued by a foreign state for each senior officer;
A questionnaire regarding the evaluation of each senior SEMI officer.
Business plan (a valid and realistic business plan for the period of the first 12 months of SEMI operations, including full financial statements, along with detailed comments of the business plan, taking into account EUR 5,000,000 of the average monthly issued electronic money);
Description of the method of performing individual payment services;
The selected method of protection of trustees

EMI – ELECTRONIC MONEY INSTITUTION

Electronic money institution – Electronic money institution (EMI) license: the term of registration is about 6 months.

Our fees: the cost of obtaining a license ranges from 65,000 EUR to 90,000 EUR plus VAT. The fee to the National Bank of the Czech Republic is about 2000 Euro.

The cost of our services depends on the number of necessary services – the rate of 90 000 EUR includes covers the full package of services, including:

Preparing a business plan;
Financial calculations for the license;
Coordination of documents with the National Bank of the Czech Republic;
Preparation of internal documentation;
Integration of AML and KYC procedures for obtaining a license.

To obtain a license EMI – The Czech National Bank shall be filed following documents (all documents except certificates of integrity statement, we will be prepared by experts of our company based on the information received from you):

Application for making EMI activities;
Business license (extract from the commercial register);
Document on the source of the initial capital and any other financial resources in the amount of the paid-up share capital;
Financial reports;
Certificate of integrity issued by a foreign state for each senior officer;

A questionnaire regarding the assessment of each senior EMI officer, details about the professional experience and education of each senior authorized person who actually manages the activities related to the establishment of electronic money and the provision of payment services.

Business plan (a valid and realistic business plan for the period of the first 3 years of EMI activity, including full financial statements, along with detailed comments on the business plan);

Description of the management system (organizational structure, principles of risk management system for obligations related to AML counteraction);

The chosen method of protection of the clients’ funds;

Description of the methods of issuing electronic money and the implementation of individual payment transactions;

Description of the personnel structure, organizational and technical measures for individual needs, always including the estimated number of employees in the relevant structural units, description of the information system, accounting system and financial reporting, as well as if the applicant intends to use agents, description of their activities and control;

Description of the subjects, scope and methods of implementation of additional activities;

The proposed approach that should be applied to the EMI when calculating capital adequacy, including the rationale for the proposed approach, data on the calculation of capital adequacy, as well as calculations of capital adequacy in accordance with all EMI structuring approaches;
The initial capital must be at least 350,000 euros;

Details of legal entities owning EMI shares (10 or more percent of shares or voting rights) or legal entities closely associated with EMI (legal entities with 20% in share capital or mutual voting rights, as well as persons managing or managing one and by the same leading person).

SPECIALISTS OF ETERNITY LAW INTERNATIONAL COMPANY WILL PROVIDE YOU A QUALIFIED CONSULTATION FOR OBTAINING A LICENSE IN SUITABLE JURISDICTION.

If you have any questions or need advice on obtaining a license in the Czech Republic or other jurisdiction that interests you, call us at the telephone numbers listed on the site, or write to the form at the bottom of the page.

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